Crisis in European Union Weakens Austria

BusinessEconomy ♦ Published: August 9, 2012; 18:12 ♦ (Vindobona)

The economic crisis in the Eurozone is a major burden for the Austrian economy. The real economy begins to weaken.

Crisis in European Union Weakens Austria / Picture: © Wikimedia Commons [CC0 1.0] / Pixabay [CC0 Creative Commons]

According to the Austrian Institute of Economic Research (WIFO), the global economy slows down. Above all, the Eurozone becomes a burden for the domestic economy. Nevertheless, the service and construction industry still perform stable, WIFO says. In the manufacturing industry, the growth slows downs substantially.

What is more, unemployment in Austria is on the rise. In July,…